Navigating Form 1041

CD & Manual
  386591TMX $219.00 USD Add to Cart
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 88 Min. Audio MP3 - No shipping cost
   386591POD $219.00 USD Add to Cart
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What is a Podcast?

Benefits

With more individuals using trusts in estate planning, knowing how to prepare an accurate Form 1041 is becoming more important than ever. Properly computing taxable income and correctly allocating taxable income between the entity and its beneficiaries can avoid not only challenges by the IRS but also disgruntled beneficiaries. This teleconference will help you understand the main rules on how to properly prepare Form 1041 for probate estates and simple and complex trusts. Learn what is taxable to and deductible by a fiduciary entity. Discover the required allocation rules concerning depreciation and DNI. With the information provided in this teleconference, you'll have the tools you need to prepare an accurate Form 1041.


Agenda

Overview
  • Entities Covered Probate Estates, Simple and Complex Trusts
  • Applicable Laws
  • Steps
  • Selecting a Year End
Computing Adjusted Total Income (Line 17)
  • Items Included in Gross Income
    • Allocation Between Final 1040 and First 1041
    • Capital Gains and Losses
    • Passive Activities
  • Items Deductible From Gross Income
    • Depreciation
    • Tax-Exempt Income
    • Two Percent Rule
Computing the Income Distribution Deduction (Line 18)
  • Computing Distributable Net Income
  • Determining Character of DNI
  • Allocating DNI Between Beneficiaries and Entity
Preparing Schedule K-1

Faculty

Robert E. Barnhill III, Live Speakers, Inc.

Robert E. Barnhill III
  • An attorney, certified public accountant, personal financial specialist and certified financial planner with Live Speakers, Inc.
  • Practices in the estate and retirement planning areas, and is an author of several books covering these and related business areas
  • For more than 15 years, has been an adjunct professor at Texas Tech University in the personal financial planning department
  • For more than 20 years, has conducted training sessions for various professional associations throughout the United States
  • Maintained a private practice for more than 22 years
  • Holds the Toastmasters International Accredited Speakers designation for platform excellence and has been named by the AICPA as an Outstanding Discussion Leader
  • 1996-1997 international president for Toastmasters International; past president of the West Texas Chapter of the Financial Planning Association; and member of the American Bar Association, the AICPA, the State Bar of Texas and the National Speakers Association
  • B.A., M.B.A. and J.D. degrees, Texas Tech University
  • Can be reached at 806-794-1282 or rebiii@worldnet.att.net




These Materials are Designed For

This teleconference is designed for accountants, attorneys, presidents, vice presidents, controllers, business owners and managers, finance executives, brokers, tax managers, enrolled agents, bookkeepers and financial planners.

CD & Manual - CD Set with bound 116 page manual
Podcast - 88 Minute MP3 with 116 page electronic manual - Immediate Access and No Shipping Cost